Warning: Send payments to Bank of America, only with a Cashier's check or Money Order, no personal check as your Bank Accounts could be raided because they have your A/c No.
Attorneys: Watch for a potential opportunity brewing for a Class Action Lawsuit or a Federal case for violation of consumer's Constitutional Rights and many more counts against the second largest Bank in America.
I borrowed 19K from Bank of America in 12 with a promotional convenience check at promotional terms @ 3% of check amount subject to a maximum of $ 90.00. No Finance charges until Oct. 2008 billing cycle. A low cost deal @ $90.00 interest for 9 months? Not at all. After the initial $280.00 required minimum payment per bank statement, Bank of America made an unauthorized raid (Virtual Raid) against my Bank Account for $19,090, $190 more than owed. This resulted in charges by my Bank for non-sufficient funds (NSF) and Bank of America charges for non-honored raid. Another similar Virtual Raid after two days due to non-payment by my bank.
These deliberate Virtual Raids by Bank of America changed the terms of the original promotion and gave them an opportunity to start charging Finance charges @24.00% from the beginning of this transaction as opposed to their inability not being able to charge finance charges until 10/08 due to the contractual requirements of their own promotional advertising.
One of their Customer Service Executives I spoke to, seemed to agree with me and credited my account with all the improper charges imposed against my Account. But the Bank of America operations initiated Virtual Raids every month until 4/08 and negated the effects of the above straightforward customer service Executive. There were two raids every month on a regular basis till April making a total of six raids stacking bundle of improper charges and fees against my account.
The frequency and magnitude of the raids on my bank account being unpredictable and enormous, to protect myself against the unfair raids, I closed my account in May. I paid of f my entire balance in 7/08. Right thereafter there was a raid for $16,000 higher the statement balance. Even though Bank of America knew my bank account was closed, knowingly it has been conducting raids till now to a non-existent account, posting credit entries such as BA Electronic payment and debit entries such as payment returned unpaid on my monthly account statements resulting in more meaningless charges to the account.
In spite of my repeated complaints about the raids on my banking account, it failed to send me any explanation for its actions excepting more raids.instead they were following the police tactics by asking me to visit their website and withdraw my so-called authorization, which would enable them to claim that I actually authorized them to make demands on my bank account. I refused.
I have been promptly disputing the raids on my bank account and the numerous unfair charges stacked up against my credit card account by means of Certified letters and also phone calls to Bank of America's customer service. Under the consumer's billing rights, my complaints should have been acknowledged within 30 days and the reported irregularities corrected within the next two complete billing cycles (in no event later than 90 days). As long as neither of the above has happened, I have informed them that their claim of more than $1700 against my account is invalid.
There was a $9.87 charge from MOBILEGLOBUS.com posted to my account and I expressed my objection to that saying I have not made this charge. I do not even recognize this website. The Account No.indicated is not my account. Under my billing rights, there should have highlighted this disputed charge and investigated it. So far nothing happened.
I have asked them to immediately forward to me their claim that they have my authorization to make on line demands on my bank account for the full statement balance, on receipt of my final ultimatum to them in September. I sent them the ultimatum as follows:
Kindly note that non-receipt of the above document within a week from the date of receipt of my letter either via E-mail or otherwise, will only end up in a formal complaint with the Federal and State banking regulatory authorities, which I definitely do not want to do, if I can avoid it.
I sent a copy of that letter to the Chairman & CEO in Charlotte, NC
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